Aircraft Seating Market - Growth, Trends & Forecast (2018-2023)
Aircraft Seating Market
The market is expected to register a CAGR of 11%, during 2017-2022 (the forecast period).
The decision by the commercial airliners to choose a particular category of seats, owes to the increased traffic being witnessed by aircraft. High-traffic routes require compact seating and more seats in the economy class, whereas, the airline can include better seating configuration on routes that do not have high density. Another determining factor is the average paying capacity of the public travelling via a particular route. If the route is most frequented by business and HNWI-group travelers, airlines use wider seats with more leg room. The airline can make up for fewer seats by selling better seats at a much higher rate.
The global jet market is witnessing a high demand growth, however, the sales of commercial jets that represent the biggest chunk of market are limited, due to the supply crunch. This factor is expected to limit the growth of the cabin interior market, as the number of new airplanes entering the market is expected to accelerate at a slow rate, during 2017-2022 (the forecast period). Low cost carriers segment, which controls 1/4th of the total airline market share, is expected to accelerate rapidly and hold about 1/3rd of the share by 2022, owing to the full-service carriers. Thus, the seats for the economy class segment is anticipated to witness higher sales and growth rate, during 2017-2022 (the forecast period).
Increasing investments in cabin interior products are expected to be the major driver for the seating market, registering a CAGR of 11.00%, during 2017-2022 (the forecast period).
Rising air traffic is the key factor driving the market growth. The growing demand for air travel has resulted in many companies developing innovative products in the IFEC space.
Investment in cabin interior products and aircraft weight reduction are some of the major drivers for the aircraft seats market growth.
A majority of the airline industry experienced growth in 2016, due to the plummeting prices of crude oil, which went below USD 30 per barrel for the first time in many years. Moreover, owing to the lower fuel costs, profit margins have soared that gave airlines surplus cash to spend and upgrade their services. Thus, the aircraft cabin interior market is expected to accelerate at a higher rate, than the commercial aircraft market, thereby, projecting high growth rates for aircraft seats market.
Aircraft Seats, Market Revenue 2016-2022 (in USD billion)
Source: Mordor Intelligence
Market in various Geographic Regions
Owing to the increased sales of commercial jets, Asia-Pacific and the Middle East are expected to witness the fastest growth rate. India and China are anticipated to be among the biggest contributors of the aircraft seating market by 2022. North America, however, would remain the largest market, globally.
The aircraft seating market, with the largest share of the commercial aircraft cabin interior market, is expected to undergo high growth rate in the markets of North America, Europe, Saudi Arabia, and UAE, due to the rising popularity of business and ultra-luxury segments of air travel. The seats used in the most luxurious segments can cost upwards of USD 450,000. Hence, this is a high-value segment and will contribute immensely to the growth of the aircraft seating market.
Players dominating the Global Aircraft Seating Market include:
Zodiac Aerospace S.A.
Regent Aerospace Corp.
Breaking News: In South America, Avianca ordered 3170 seats from Recaro for A320 family of aircraft. The seats ordered include Recaro’s CL3710 model that is used in economy class seating. The seats are lightweight and capable of handling full IFE systems, power points and folding tray tables. Recaro has recorded 200,000 units on orders for CL3710 model seats, till date.
Questions Answered in the Report
What is happening in the aircraft seating market?
Who are the top players in the market?
Which regions are expected to lead the market growth, during the forecast period?
What are the recent developments in the aircraft seating market?
What is present and the forecast market size of aircraft seating market?
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